CEE Bonds
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Georgia has become the latest country to signal its intention to develop a covered bond law, though given the small size of its mortgage market, issuance prospects are likely to prove limited. -
Uzbekistan re-entered the international bond markets on Monday for its third ever issue. The dual currency bond it was marketing aimed at drawing in the widest possible investor base, market participants said
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The Republic of Uzbekistan is seeking to capitalise on a successful dual currency bond it sold just months ago, by returning to the bond market to sell a dollar and Uzbek som bond that also includes a sustainable element.
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Romania will sell a euro denominated bond on Wednesday, its second offering this year and its fourth of the last 12 months.
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Turkey was, yet again, at the fore of market participants’ minds on Tuesday. As inflation spikes, the country has indicated its intention to encourage more borrowing following a debt issuance spree in June.
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Turkey, Cameroon and Latvia all entered international bond markets on Wednesday. Investors said the sovereigns are rushing to secure funding while conditions are still positive, amid the anticipation of rate rises.
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Several FIG issuers across CEEMEA entered bond markets to raise cash this week. Meanwhile, the pipeline for bank issuance is strong as issuers take advantage of attractive market conditions to bolster reserves.
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Anadolu Efes, the Turkish brewer, returned to the market this week to issue a new bond and launch a tender for its dollar debt. Investors say it is one of the more attractive credits from the country, despite domestic economic volatility.
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Gazprom ended a three year absence from the Swiss franc market this week by attracting a large amount of retail participation in a Sfr600m ($653.4m) deal that launched at an attractive spread.
